Samsung unveils stock split and record profit
Stellar performance: Visitors try Samsung Electronics Galaxy S8 smartphones at its shop in Seoul. The company’s stock split is the latest in a series of moves to bolster shareholder returns, including 5.8 trillion won (US5.4bil) in annual dividends. — AP
SEOUL: Samsung Electronics Co Ltd has announced its first stock split and said it expects demand for semiconductors to remain strong in 2018, as it posted record annual profit driven by a so-called memory chip “super-cycle”.
The tech giant’s stock split is the latest in a series of moves to bolster shareholder returns, including 5.8 trillion won (US$5.4bil) in annual dividends and 9.2 trillion won in share buybacks and cancellations in 2017.
The firm’s largesse has encouraged investors to hold shares despite concerns that the memory business may be peaking. The stock split will open the door to retail investors as well, boosting liquidity and underpinning valuations, analysts said.
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